JPMorgan Chase & Co. Decreases Stock Holdings in PagerDuty, Inc. (NYSE:PD)

JPMorgan Chase & Co. cut its position in shares of PagerDuty, Inc. (NYSE:PD) by 58.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 519,285 shares of the company’s stock after selling 744,556 shares during the period. JPMorgan Chase & Co. owned approximately 0.58% of PagerDuty worth $9,482,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. KLP Kapitalforvaltning AS acquired a new position in PagerDuty during the 4th quarter worth about $352,000. Quantbot Technologies LP boosted its stake in shares of PagerDuty by 86.5% in the 4th quarter. Quantbot Technologies LP now owns 93,381 shares of the company’s stock valued at $1,705,000 after buying an additional 43,302 shares during the period. Vinva Investment Management Ltd purchased a new stake in shares of PagerDuty in the 4th quarter valued at approximately $139,000. Globeflex Capital L P acquired a new stake in PagerDuty in the fourth quarter valued at $496,000. Finally, Picton Mahoney Asset Management purchased a new stake in PagerDuty during the fourth quarter worth approximately $58,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

PagerDuty Price Performance

Shares of NYSE PD opened at $15.56 on Tuesday. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. PagerDuty, Inc. has a 1-year low of $14.40 and a 1-year high of $23.12. The business has a 50-day moving average of $17.75 and a 200-day moving average of $18.55. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -19.45 and a beta of 1.06.

PagerDuty (NYSE:PD) last released its quarterly earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.16 by $0.06. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The business had revenue of $121.45 million for the quarter, compared to analysts’ expectations of $119.53 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. The company’s revenue was up 9.3% compared to the same quarter last year. On average, equities analysts anticipate that PagerDuty, Inc. will post -0.27 EPS for the current fiscal year.

PagerDuty announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 13th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 10.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PD shares. Truist Financial dropped their price target on PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Royal Bank of Canada decreased their price objective on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, March 14th. Canaccord Genuity Group decreased their price objective on shares of PagerDuty from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Bank of America downgraded PagerDuty from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $23.00 to $18.00 in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group reduced their price target on PagerDuty from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, PagerDuty currently has a consensus rating of “Hold” and an average price target of $20.73.

Insider Activity

In other news, CEO Jennifer Tejada sold 1,569 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total transaction of $31,380.00. Following the completion of the transaction, the chief executive officer now directly owns 868,311 shares of the company’s stock, valued at approximately $17,366,220. This represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.60% of the company’s stock.

About PagerDuty

PagerDuty, Inc engages in the operation of a digital operations management platform in the United States and internationally. The company’s digital operations management platform collects data and digital signals from virtually any software-enabled system or device and leverage machine learning to correlate, process, and predict opportunities and issues.